{"id":18702,"date":"2023-03-14T11:58:23","date_gmt":"2023-03-14T11:58:23","guid":{"rendered":"https:\/\/crowdfundjunction.com\/blog\/eul-token-down-52-after-the-200-million-euler-protocol-exploit\/"},"modified":"2023-03-14T11:58:23","modified_gmt":"2023-03-14T11:58:23","slug":"eul-token-down-52-after-the-200-million-euler-protocol-exploit","status":"publish","type":"post","link":"https:\/\/crowdfundjunction.com\/blog\/eul-token-down-52-after-the-200-million-euler-protocol-exploit\/","title":{"rendered":"EUL token down 52% after the $200 million Euler protocol exploit"},"content":{"rendered":"<p><b>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News )<\/b><br \/>\n<\/p>\n<div>\n<div class=\"post-article-image  -mt-24  mb-8  lg:-mt-32  rounded  overflow-hidden\">\n<picture><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1678794979339-dd69f32b-04fd-4dc2-913b-ec68c13a6f2c-smartcrop-750x375.webp\" type=\"image\/webp\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1678794979339-dd69f32b-04fd-4dc2-913b-ec68c13a6f2c-smartcrop-363x181.webp\" type=\"image\/webp\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1678794979339-dd69f32b-04fd-4dc2-913b-ec68c13a6f2c-smartcrop-750x375.jpg\" type=\"image\/jpeg\" media=\"(min-width: 750px)\"\/><source srcset=\"https:\/\/coinjournal.net\/wp-content\/uploads\/imagecache\/2023\/03\/1678794979339-dd69f32b-04fd-4dc2-913b-ec68c13a6f2c-smartcrop-363x181.jpg\" type=\"image\/jpeg\"\/>\n<\/picture>                    <\/div>\n<ul>\n<li>Hackers stole almost $200 million from Euler protocol on Monday.<\/li>\n<li>USDC accounted for a majority of the stolen tokens.<\/li>\n<li>Euler Labs is currently working to recover the funds.<\/li>\n<\/ul>\n<p>Euler protocol is facing a different threat from the crypto firm collapses, crypto lawsuits, and crypto-related bank shutdowns that have plagued the crypto space in the recent past.<\/p>\n<p>The small-cap <a href=\"https:\/\/coinjournal.net\/ethereum\/what-is-ethereum\/\">Ethereum<\/a>-based decentralized finance lending protocol was on Monday hacked leading to the loss of crypto assets worth nearly $200 million.<\/p>\n<h2>Euler flash loan attack<\/h2>\n<p>Blockchain security firm PeckShield on Monday tweeted notifying Euler to take a look at some <a href=\"https:\/\/etherscan.io\/tx\/0xc310a0affe2169d1f6feec1c63dbc7f7c62a887fa48795d327d4d2da2d6b111d\">fishy transactions<\/a> from its platform.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">Hi <a href=\"https:\/\/twitter.com\/eulerfinance?ref_src=twsrc%5Etfw\">@eulerfinance<\/a>: you may want to take a look:  <a href=\"https:\/\/t.co\/L7ddZhHNq5\">https:\/\/t.co\/L7ddZhHNq5<\/a><\/p>\n<p>\u2014 PeckShield Inc. (@peckshield) <a href=\"https:\/\/twitter.com\/peckshield\/status\/1635203838939652097?ref_src=twsrc%5Etfw\">March 13, 2023<\/a><\/p>\n<\/blockquote>\n<p>Looking at the transactions from Euler on etherscan, the hacker(s) took off with a variety of cryptocurrencies including 34.4 million USDC, 8.89 million DAI, 85,690 stETH, and 849 <a href=\"https:\/\/coinjournal.net\/wrapped-bitcoin\/\">WBTC<\/a>.<\/p>\n<p>According to a <a href=\"https:\/\/twitter.com\/SlowMist_Team\/status\/1635288972103667714?s=20\">tweet<\/a> from SlowMist, another blockchain security firm:<\/p>\n<p><em>\u201cThe attacker used flashloans to deposit funds and then leveraged them twice to trigger the liquidation logic, donating the funds to the reserve address and conducting a self-liquidation to collect any remaining assets.\u201d<\/em><\/p>\n<p>Euler Labs, the startup behind Euler Protocol, has however said that it successfully stopped the exploit and it is currently working to recover the stolen funds in collaboration with a number of firms including Chainalysis.<\/p>\n<blockquote class=\"twitter-tweet\" data-width=\"500\" data-dnt=\"true\">\n<p lang=\"en\" dir=\"ltr\">An update on our work today to recover funds for Euler protocol users. <\/p>\n<p>Here are a few actions we took immediately:<\/p>\n<p>1. Stopped the direct attack as soon as possible by helping disable the EToken module, which blocked deposits and the vulnerable donation function<\/p>\n<p>2. Engaged TRM\u2026 <a href=\"https:\/\/t.co\/6ZClE9uGoH\">https:\/\/t.co\/6ZClE9uGoH<\/a><\/p>\n<p>\u2014 Euler Labs (@eulerfinance) <a href=\"https:\/\/twitter.com\/eulerfinance\/status\/1635431726364147712?ref_src=twsrc%5Etfw\">March 14, 2023<\/a><\/p>\n<\/blockquote>\n<h2>Euler\u2019s native token, EUL, down 52%<\/h2>\n<p>The native token of Euler, EUL, dived by more than 52% following the revelation of the exploit.<\/p>\n<p>At press time, the token was trading at $3.08 down from a high of $6.4826 on Monday morning. And although the token price seems to have consolidated above $3, it is not certain if the token will be able to hold that level seeing that it had dipped from its attempt to recover after the fall.<\/p>\n<div class=\"post-meta\">\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Share this article<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Categories<\/h6>\n<hr class=\"mb-6\"\/>\n<h6 class=\"text-3xl  mb-4  text-green-300\">Tags<\/h6>\n<\/p><\/div>\n<\/p><\/div>\n<p><script async src=\"\/\/platform.twitter.com\/widgets.js\" charset=\"utf-8\"><\/script><br \/>\n<br \/><a href=\"https:\/\/coinjournal.net\/news\/eul-token-down-52-after-the-200-million-euler-protocol-exploit\/\">Source link <\/a><br \/>\n<br \/><\/p>\n","protected":false},"excerpt":{"rendered":"<p>(Originally posted on : CoinJournal: Latest Bitcoin, Ethereum &amp; Crypto News ) Hackers stole almost $200 million from Euler protocol on Monday. USDC accounted for a majority of the stolen tokens. Euler Labs is currently working to recover the funds. Euler protocol is facing a different threat from the crypto firm collapses, crypto lawsuits, and [&hellip;]<\/p>\n","protected":false},"author":7,"featured_media":18703,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"om_disable_all_campaigns":false,"_monsterinsights_skip_tracking":false,"_monsterinsights_sitenote_active":false,"_monsterinsights_sitenote_note":"","_monsterinsights_sitenote_category":0},"categories":[35],"tags":[],"_links":{"self":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18702"}],"collection":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/users\/7"}],"replies":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/comments?post=18702"}],"version-history":[{"count":0,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/posts\/18702\/revisions"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media\/18703"}],"wp:attachment":[{"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/media?parent=18702"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/categories?post=18702"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/crowdfundjunction.com\/blog\/wp-json\/wp\/v2\/tags?post=18702"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}